U-Next HoldingsU-NEXT HOLDINGS9418東証プライム情報・通信業FY ending Aug 2025, consolidated, J-GAAP

U-Next Holdings FY ending Aug 2025 results

About 40% of U-Next Holdings's sales come from Communication and energy service, with Content distribution service and Store and facility solution service making up much of the rest.

Out of every ¥100 of sales, about ¥8 is left as operating profit.

Revenue changed +19.5% from the prior year, operating profit +8.5%.

Revenue and profit pattern

Revenue and profit upRevenue grew faster

Revenue +19.5% · profit +8.5%, calculated from disclosed figures.

Operating leverage: 0.43× (profit growth ÷ revenue growth)

What changed from last year

FY ending Aug 2024 → FY ending Aug 2025

Revenue: +19.5%¥326.8B → ¥390.4B
Gross profit: +10.0%¥117.2B → ¥128.8B
Operating income: +8.5%¥29.1B → ¥31.6B
Net income attributable to owners: +19.8%¥15.4B → ¥18.4B
Operating cash flow: +30.3%¥15.9B → ¥20.7B
Free cash flow: -31.7%¥6.43B → ¥4.39B

Results at a glance

Revenue for the FY ending Aug 2025 was ¥390.4B, up +19.5% from ¥326.8B.
Operating income grew +8.5% to ¥31.6B and net income attributable to owners grew +19.8% to ¥18.4B. Gross profit rose only +10.0%, so profit grew more slowly than sales.
Operating cash flow climbed +30.3% to ¥20.7B, yet free cash flow dropped from ¥6.43B to ¥4.39B.

What drove the change

In communication and energy, business services, line resale and the company's own fiber service kept growing
U-NEXT added more sports such as European football and golf, music live shows, and exclusive titles from Max; the content segment grew both sales and profit
Store and facility solutions was roughly flat on sales, and its operating income slipped

Things to watch

Competition for streaming content, including from well-funded overseas players, could cost U-NEXT subscribers
Restaurants and shops, its core business customers, may close under rising food, energy and labor costs or staff shortages
Higher power procurement costs could erode its price edge in electricity and lead to fewer sign-ups or more cancellations

Annual Securities Report, 18th fiscal term / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual Securities Report, 18th fiscal term / 事業等のリスク

Where the money goes

FY ending Aug 2024 → FY ending Aug 2025

Where ¥100 of sales goes

For every ¥100 U-Next Holdings sells, how much goes where, and how much is kept.

FY ending Aug 2025

Cost of sales: ¥67
SG&A: ¥25
Operating profit: ¥8
Net profit kept: ¥5

Annual margin trends

Gross margin33.0%

Operating margin8.1%

Net margin4.7%

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Aug 2025

Communication and energy service¥156.8B
40%
Op. margin 8.4%Industry: Electric Power & Gas
Content distribution service¥128B
33%
Op. margin 7.5%Industry: Streaming
Store and facility solution service¥95.3B
24%
Op. margin 17.2%Industry: Streaming
Financial, realty and global service¥10.2B
3%
Op. margin 14.5%

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

EDINET (FSA Japan)
有価証券報告書－第18期(2024/09/01－2025/08/31)
ID S100X6EF2025-11-26Open
EDINET (FSA Japan)
有価証券報告書－第17期(2023/09/01－2024/08/31)
ID S100UV9Z2024-11-29Open
EDINET (FSA Japan)
有価証券報告書－第16期(2022/09/01－2023/08/31)
ID S100SDMN2023-11-30Open
EDINET (FSA Japan)
有価証券報告書－第15期(令和3年9月1日－令和4年8月31日)
ID S100PPPX2022-11-30Open
EDINET (FSA Japan)
有価証券報告書－第14期(令和2年9月1日－令和3年8月31日)
ID S100MYO72021-11-30Open
EDINET (FSA Japan)
訂正有価証券報告書－第13期(令和1年9月1日－令和2年8月31日)
ID S100KCOP2020-12-15Open

Extracted from XBRL: 55 / Derived from other figures: 1

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